USD/CNH: Likely to trade in a range between 7.1770 and 7.1970 – UOB Group

USD is likely to trade in a range between 7.1770 and 7.1970. In the longer run, USD has likely moved into a 7.1620/7.2200 range trading phase, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

USD has likely moved into a range trading phase

24-HOUR VIEW: "We expected USD to 'trade in a range between 7.1700 and 7.1950' last Friday. USD subsequently traded in a narrower range than expected (7.1713/7.1900). The price action provides no fresh clues, and we continue to expect range trading today, most likely between 7.1770 and 7.1970."

1-3 WEEKS VIEW: "In our most recent narrative from last Monday (09 Jun, spot at 7.1870), we highlighted that the recent 'mild downward momentum has eased, and USD has likely moved back into a range trading phase, probably between 7.1620 and 7.2200.' Since then, USD has traded within the range, and our view remains unchanged for now."